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Wednesday, February 8, 2023

China stock market rebounds after 30% decline

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Chinese shares have rebounded after several days of volatility which have threatened to destabilise the world’s second largest economy.

The Shanghai Composite in mainland China surged 6.8%, while Hong Kong’s Hang Seng Index rose 4% a day after suffering its biggest drop since the financial crisis.

A flurry of measures announced yesterday included a government order to state companies and executives to buy shares.

Chinese state media are reporting that authorities are investigating “vicious short-selling” and cracking down on operations which could be in breach of trade rules.

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